Parliamentary Question for Jan O Sullivan TD
For WRITTEN ANSWER on 21/01/2014
To ask the Minister for Environment, Community and Local Government the progress being made regarding a tenant deposit protection scheme; if various models of such a scheme are being considered; if an insurance-based model rather than a deposit retention model has been considered; and if he will make a statement on the matter.
The Programme for Government 2011 contains a commitment to establish a tenancy deposit protection scheme. On foot of this commitment I asked the Private Residential Tenancies Board (PRTB) to commission research on such a scheme and to report back to me with recommendations in that regard. The subsequent report assessed a number of different options for delivery of a deposit protection scheme ranging from one where all elements are delivered by the PRTB to one where all elements are outsourced to a private operator. Each option was considered in terms of both insurance and custodial type schemes.
I have considered all of the options presented in the report in order to determine how to offer the greatest protection to tenants at least cost to the Exchequer. I intend to bring proposals to Government shortly on the establishment of a tenancy deposit scheme with a view to introducing provisions for such a scheme in the Residential Tenancies (Amendment)(No. 2) Bill 2012 at Committee stage. The Bill is currently in the Seanad having completed Second stage in September 2013.